MARKET TALK: LME Braced For Further Weakness

LME metals are braced for further weakness this week after copper's reluctance to follow other LME-traded metals higher resulted in liquidation selling across the board, while producer selling picks up, says Will Adams at BaseMetals.com. LME 3-month now likely to focus on the June low of $6,400/ton after breaking the $7,000 and $6,980 support levels. "With LME stocks on the rise and with the physical market in Europe seeing plentiful supply, it looks as though the copper market has turned into a buyers market," he says. LME copper trades at $6,905, down $15 on the Friday PM kerb.